養老基金的投資運作的市場化是一個循序漸進的過程。政府對個人帳戶基金投資選擇好資產類型實行良好投資組合。 China has been and will be more serious facing one question how to keep the finance balance of pension fund. Aiming at the relevant problems in the pension fund performance and several concrete solutions are put forward, and appropriately adjustment in payment method of individual accounts pension should be made. Statute regulations of retirement should be executed strictly, and implicit debt should be gradually paid and individual account should be made formal. Moreover, the pension subsidy from fiscal sector should be enhance progressively, maintain effectively, and increase the value of pension by investing effectively with the pension. The paper begins with ordinary measures of investment with pension funds, and then analyzes current situation of overseas and domestic pension funds investment, and it gains some beneficial enlightenment after comparing the investment of overseas pension funds with domestic pension funds from the aspect of investment management and investment measures. Finally it raises the author suggestion of rational investment of china pension funds. Under the system of independent account, the individual account fund is separated from social pool fund, and runs in the model of full account. With the fund accumulated constantly and the empty account is made full, individual account will confront with strong pressure of maintaining and increasing its value. Because the individual account possesses private nature, we should transfer the individual account to the independent private fund management company to manage, and operate according to the marketization. As to individual account capital operation, the government does not bear direct responsibility; just shoulder the responsibility of supervision the marketization of pension fund investment is a progressive course. The government should still restrict individual account fund investment, but widen and do rational disposition for individual account fund according to our country real condition.